Zak Bentley
Five years after the US power company's $17bn take-private, the energy-focused firm is rolling about 20% of the existing LPs into a single-asset vehicle.
The capital collected for the North American data centre platform puts it among the largest single-asset continuation funds raised.
UBS's 2008-vintage infrastructure fund holds a stake in Southern Water, which is trying to come back from a record fine for environmental breaches.
About half of the infrastructure manager's portfolio is understood to be within the digital infrastructure and communications sector.
The vehicle can invest in secondaries and co-investments, according to founding partner of Altamar Infraestructuras Ignacio Antoñanzas,
World’s largest infrastructure investor has hired two executives for the New York-based team and intends eventually to raise third-party capital.
Kathryn Leaf, who will step aside from business development, will still focus on investments.
The 2018-vintage Fund IV is about 75% invested and the firm wants to ‘ensure sufficient capital is available' to keep investing.
In part II of sister title Infrastructure Investor's October Deep Dive, market participants discuss how many attempted continuation funds fail to get past the first hurdle.
Fund continuations in infrastructure are here to stay. How do these trilateral deals work and are they really a ‘win-win-win’ for all involved?
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